Le Lézard
Classified in: Health, Science and technology
Subject: Funding

OliX Announces Completion of USD 45 Million Capital Raise for R&D and Financial Structure Improvement

OliX Pharmaceuticals, Inc. (KOSDAQ: 226950), a leading developer of RNAi therapeutics, announced that the Company has successfully completed a capital raise to support the Company's R&D activities and improve its financial structure.

The paid-in capital increase totaled KRW 57 billion (approximately USD 45 million) with about 3 million convertible preferred stocks. Eight local institutional investors, including KB Investment, IMM Investment Corp., Company K Partners, Solidus Investment Co., Ltd, Susung Asset Management Co., Ltd., Welcome Asset Management, Focus Asset Management, and Shinhan Capital participated in this third-party capital increase.

The capital will be mainly used to finance the Company's R&D activities. OliX plans to complete patient administration for its clinical phase 2 hypertrophic scar program (OLX101A) in the US and announce the interim results within this year. The Company's dry and wet AMD (OLX301A) and androgenic alopecia (OLX104C) programs are also planned to be entered into clinical trials this year, followed by HBV (OLX703A) and nonalcoholic steatohepatitis (OLX702A) in 2023.

"This fundraising is meaningful in that the biotechnology sector is currently going through a challenging time attracting investment. Institutional investors who have participated in this round have shown a great commitment to our company's technology and growth potential," said Dong Ki Lee, Ph.D., Founder and Chief Executive Officer. "With the raised fund, we will accelerate our efforts to bring our programs to the clinic in a timely manner."

About OliX Pharmaceuticals

OliX Pharmaceuticals is a clinical-stage pharmaceutical company developing therapeutics against a variety of disorders by down-regulating the expression of disease-causing genes based on its own proprietary RNAi technology. The Company's core RNAi platform, asymmetric siRNA (asiRNA), is a unique gene silencing technology based on RNA interference (RNAi), which is considered the most efficient gene silencing technology. Utilizing this proprietary asiRNA technology, OliX has developed cell penetrating asiRNA (cp-asiRNA), a therapeutic RNAi platform to effectively target diseases locally, such as hypertrophic scarring, dry and wet age-related macular degeneration (AMD), subretinal fibrosis, and neuropathic pain. OliX has also developed another therapeutic RNAi platform, GalNAc-asiRNA, to target a variety of liver diseases.

Learn more: https://www.olixpharma.com/eng

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News published on 25 may 2022 at 08:10 and distributed by: